Bitcoin mining agency Argo blockchain has suspended buying and selling of its American depositary shares (ADS) on Nasdaq, in accordance to a Dec. 27 press launch. The corporate mentioned it wanted to droop buying and selling due to an announcement that may come on Dec. 28 and since the London Inventory Change is closed on Dec. 27. Argo mentioned that it expects shares to renew Nasdaq buying and selling on Dec. 28.
At our request, @Nasdaq quickly suspended buying and selling of Argo’s ADSs and unsecured notes for right now – Tues Dec 27.
We’ll be making an announcement tomorrow (Dec 28) by way of RNS earlier than the @LSEplc opens within the UK…we anticipate buying and selling on Nasdaq to renew tomorrow.#ARB $ARBK #BTC
— Argo (@ArgoBlockchain) December 27, 2022
The assertion comes after the corporate has been plagued with monetary issues and confronted chapter rumors as a result of rising power prices and falling Bitcoin (BTC) costs.
On Dec. 9, Argo inadvertently shared a doc with a reporter that falsely declared it to have filed for chapter. In response, the London Inventory Change and Nasdaq suspended buying and selling of its shares. The staff responded by requesting that its shares resume buying and selling, because it had not truly filed for chapter.
On the time, the corporate admitted that it was “vulnerable to having inadequate money to assist ongoing enterprise operations throughout the subsequent month.” Nevertheless, it said that it was nonetheless making an attempt to keep away from Chapter 11 chapter.
On Dec. 16, the agency introduced that it was going through additional detrimental consideration from Nasdaq, as its shares had traded beneath $1 for 30 consecutive days. If the corporate didn’t get its share value to shut above $1 throughout the subsequent 180 days, it might be delisted from Nasdaq.
New RNS: we obtained discover from @Nasdaq as our ADSs have closed beneath $1 for 30 buying and selling days
We’ve got 180 days to treatment this deficiency
No impression to our operations or LSE itemizing, and no impression to our ongoing negotiations
Full RNS: https://t.co/Au3txnlkHL
#ARB $ARBK #BTC— Argo (@ArgoBlockchain) December 16, 2022
This new suspension of buying and selling on Dec. 27 was not initiated by the inventory alternate. As a substitute, Argo voluntarily requested that buying and selling of its shares be halted. An announcement is predicted from the staff on Dec. 28, previous to the 8:00 am UTC opening of the London Inventory Change.
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